24/7 Market News Snapshot 02 April, 2025 – Allakos Inc. (NASDAQ:ALLK)
DENVER, Colo., 02 April, 2025 (247marketnews.com) – (Nasdaq:ALLK) are discussed in this article.
Allakos Inc. (Nasdaq:ALLK), a biotechnology company focused on developing antibodies for various diseases, has seen significant movement in its stock price, opening at $0.221 and witnessing a notable rise to $0.317, marking an increase of 46.08%. This surge follows a closing price of $0.217 in the previous session and reflects robust trading activity, with a current volume of approximately 6.41 million shares. Such momentum may indicate a growing investor confidence and potential shifts in market interest for Allakos.
In a pivotal development, Allakos has entered into a definitive merger agreement with Concentra Biosciences, LLC. Under the terms of this agreement, Concentra will acquire Allakos for $0.33 in cash per share of its common stock. This decision resulted from thorough deliberation and a unanimous recommendation by Allakos’ Board of Directors, which deems the transaction beneficial for its shareholders.
The merger’s process includes a tender offer by a wholly-owned subsidiary of Concentra, expected to commence by April 15, 2025. The offer aims to acquire all outstanding shares of Allakos common stock and is subject to specific conditions, including the acquisition of a majority of shares and ensuring liquidity of $35.5 million at closing. Notably, Allakos officers, directors, and affiliated parties, holding around 8.07% of the stock, have committed to tendering their shares in support of this merger.
The anticipated finalization of the transaction by May 2025 is expected to create valuable synergies, further enhancing Allakos’ capabilities in developing therapeutics for immunomodulatory disorders. This merger represents a significant milestone for Allakos as it continues to innovate and address the needs of patients suffering from complex immune-related conditions.